LCI Industries, an Elkhart-Ind.-based supplier of components for the leading original equipment manufacturers of recreational vehicles and adjacent industries, and the related aftermarkets of those industries, today (Feb. 21) announced that its wholly-owned subsidiary, Lippert Components Inc., has completed the previously announced acquisition of Sessa Klein S.p.A., a Varese, Italy-based manufacturer of highly engineered side window systems for both high speed and commuter trains.
The purchase price was €7.9 million (U.S. $8.5 million), which was paid at closing from available cash, plus contingent consideration based on future sales.
In its Feb. 9 announcement of the impending acquisition of Sessa Klein, whose reported sales for 2016 were approximately €10 million (U.S. $11 million), LCI President Scott Mereness said the Italian company has an “excellent management team, and a great reputation in the international rolling stock industry for the sophisticated engineering and design of their window products.”
“In 2016, we acquired Florence, Italy-based Project 2000 S.r.L., a manufacturer of motorized entry steps, bed lifts and RV accessories, as a foundation for LCI in the European RV market,” Mereness continued. “We believe the addition of Sessa Klein’s products and diversified customer base opens a door into a new adjacent market for LCI. We are enthusiastic about growing market share in their core train markets in Europe as well as the United States. Additionally, we believe this transaction accelerates the opportunities to expand LCI’s product offerings for the European RV market, particularly for caravan windows. We look forward to the Sessa Klein management team continuing to serve their existing customers after the transaction is completed, as well as working closely with LCI’s management team to find new opportunities.”